from withholding my approval
from this bill; nor will it, I trust, be cause of regret that an
opportunity will be thereby afforded for Congress to review its
provisions under circumstances better calculated for full investigation
than those under which it was passed.

In speaking of direct appropriations I mean not to include a practice
which has obtained to some extent, and to which I have in one instance,
in a different capacity, given my assent--that of subscribing to the
stock of private associations. Positive experience and a more thorough
consideration of the subject have convinced me of the impropriety as
well as inexpediency of such investments. All improvements effected by
the funds of the nation for general use should be open to the enjoyment
of all our fellow-citizens, exempt from the payment of tolls or any
imposition of that character. The practice of thus mingling the concerns
of the Government with those of the States or of individuals is
inconsistent with the object of its institution and highly impolitic.
The successful operation of the federal system can only be preserved by
confining it to the few and simple, but yet important, objects for which
it was designed.

A different practice, if allowed to progress, would ultimately change
the character of this Government by consolidating into one the General
and State Governments, which were intended to be kept forever distinct.
I can not perceive how bills authorizing such subscriptions can be
otherwise regarded than as bills for revenue, and consequently subject
to the rule in that respect prescribed by the Constitution. If the
interest of the Government in private companies is subordinate to that
of individuals, the management and control of a portion of the public
funds is delegated to an authority unknown to the Constitution and
beyond the supervision of our constituents; if superior, its officers
and agents will be constantly exposed to imputations of favoritism and
oppression. Direct prejudice to the public interest or an alienation of
the affections and respect of portions of the people may, therefore, in
addition to the general discredit resulting to the Government from
embarking with its constituents in pecuniary stipulations, be looked for
as the probable fruit of such associations. It is no answer to this
objection to say that the extent of consequences like these can not be
great from a limited and small number of investments, because experien